01-19-10 EDC Meeting - Laserfiche WebLink

Home Browse Search

industrial buildings and equipment are not made on a whim. Typically these types of investments are * �; made on a 20-year to 40-year vision. For that kind of investment,there needs to be a stable work- force,ample housing opportunities,good schools and multiple recreation options in addition to the ff,,. 4 =r ti standards of cheap land and infrastructure. ,'; Industrial development is not all positive. One major concern is dependence. A City whose . economy grows too dependent on one industry for growth is once again beholden to the broader market(as well as the management ofthat particular industry),sometimes with devastating effects. Pollution,traffic conflicts,loss of rural character and natural amenities,and high demands on city _ i ,W; infrastructure are all negatives often associated with this type of development. } Professional/Service t tS : These uses,which are less location-dependent than other sectors,are located in different areas in § - • town. Service industries are highly adaptable—Pequot Lakes is beginning to see residential homes • redevelop(often without any structural changes)into service or commercial enterprises. The most important factor of success for professional and service industries is consumer awareness and n telecommunication access,which differs from location. Location-particularly visibility and access- 1s is essential to the business attracting the passive or non-native consumer,but most patrons of service ' i establishments will seek out the services they desire if they are aware of their presence. k4,44:1;i 4110 Professional and other service employment is dependant on the size of the neighborhood it serves. Employment in this sector has grown as the local population has grown. This will continue,with , , ,. '" gro PoP g t some loss of potential possibly being realized over time to the Brainerd/Baxter regional center. However,there will always be services that will be demanded locally. With more people,especially ', more affluent,elderly people who typically have higher service needs,this sector should continue to "N experience rapid growth. ` Rapid growth in the service sector is desirable not only for the new employment opportunities it , .;. ."- provides,but because these types of jobs increase the quality of life and convenience for local k . .M `1 residents. They also help to keep business local and slow the flight of capital to other neighborhoods <. and centers. Additionally,the demands that professional and service businesses place on a city are i minimal. Once a minimum population base has been achieved,all that is needed to grow this sector . is available office space,an educated work force,the ability to advertise and the availability of technology,especially telecommunications and high-speed internet. A low startup cost often makes it competition fierce in this sector. A I high rate of business failures and the `= fact that some of these jobs are low • paying will cause temporary stress in t r gf. the local economy. In Pequot Lakes '~``` r=_, - k these businesses are not immune from •• f the seasonal fluctuation,which means - ' s . 'p,„,:, . i,Ii,.,t` 2003 their benefits are sometimes only felt •!. " w i for part of the year. Also the limited % -=-m "`i`_ --- . ', availabili of liquor licenses ma -- - - `' difficult for new businesses in this "' t e =l sector,including restaurants and bars. '" ' �' .� r _ gym �� 36 New retail businesses enhance downtown Pequot Lakes as a destination for area tourists. Comprehensive Plan